Form 1120-RIC is filed by a domestic
corporation electing to be taxed as a RIC in order to report its
income and deductions and to compute its tax liability. IRC uses
Form 1120-RIC to determine whether the RIC has correctly reported
its income, deductions, and tax liability.
US Code:
26
USC 852 Name of Law: Taxation of regulated investment companies
and their shareholders
US Code: 26
USC 853 Name of Law: Foreign tax credit allowed to
shareholders
US Code: 26
USC 851 Name of Law: Definition of regulated investment
company
US Code: 26
USC 854 Name of Law: Limitations applicable to dividends
received from regulated investment company
US Code: 26
USC 6103 Name of Law: Confidentiality and disclosure of returns
and return information
US Code: 26
USC 855 Name of Law: Dividends paid by regulated investment
company after close of taxable year
Form 1120-RIC and the
instructions were revised, resulting in an addition of 2
attachments and a deletion of 12 line items and 22 code references.
These changes caused a decrease of 11,404 burden hours, making the
new burden 369,021.
$14,315
No
No
Uncollected
Uncollected
Uncollected
Uncollected
John Nelson 202
927-9488
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.